Strong Swiss Presence at the Singapore Fintech Festival 2023by Mario Tuor, editor-in-chief of finance.swiss November 6, 2023
A delegation representing the best of Swiss financial technologies in the areas of artificial intelligence, big data & analytics, and cybersecurity will be present at the Swiss Pavilion at Singapore Fintech Festival 2023. The Swiss government is also present on site with State Secretary Daniela Stoffel.
The Singapore Fintech Festival, whose first edition was held in 2015, has quickly evolved into the world’s largest fintech festival. At the upcoming SFF from 15 to 17 November 2023, organised by the Monetary Authority of Singapore (MAS) and its not-for-profit entity Elevandi, the theme is “Applications of Artificial Intelligence (AI) in Financial Services”.
Several countries, including Switzerland, will be setting up their own national pavilions during the festival. The Swiss Pavilion is co-organized by S-GE (Switzerland’s export and investment promotion agency) and Swiss Business Hub ASEAN (part of the Swiss Embassy in Singapore), which enables an optimal network of local contacts.
“Being under the Swiss umbrella gives more visibility. Switzerland’s strong image draws additional traffic to our pavilion. It attracts and interests many Asian and US fintech players, in fact from around the world,”
underlines Angela Di Rosa, Senior Consultant South East Asia at Switzerland Global Enterprise (S-GE).
Taking part at the Singapore Fintech Festival for the 7th time, Swiss participants remain committed to growing their foothold in this region, given the depth and breadth of their technologies Clear regulations that attract investors, foster growth, and ensure long-term stability in fintech are key characteristics of the Swiss financial landscape. Switzerland has a crypto regulation which provides stable framework conditions for companies in the crypto industry and have helped the country to be an industry leader.
Swiss fintech players participating at SFF come from a position of strength. Around 50% of financial institutions supervised by the Swiss Financial Market Supervisory Authority (FINMA) currently use AI or have detailed plans to do so, according to its survey conducted in 2022. AI-based applications are essentially deployed in their front offices and for process optimisation purposes. Other areas of application include for example compliance and conduct, financial risk management, system monitoring and language translation.
10 Swiss Fintech companies are expected to make their presence at the Swiss Pavilion 2023 in Singapore: Adnovum, Adviscent, ERI, Modulos, RepRisk, Securosys, SIX, SwissCham Singapore, UBS and WebAccountPlus.
Swiss government’s commitment
The Swiss government is underlining its commitment in Singapore with the presence of Daniela Stoffel, State Secretary for International Financial Matters SIF. She will participate in a panel discussion on “Preparing for future risks – climate, technology & economy” and will also meet with Permanent Secretary Tan Ching Yee for a technical exchange. She will also visit the Swiss Pavilion and appear at the SIX Community Event.
Together with Singapore, SIF organises the annual Point Zero Forum in Zurich in June.
According to the World Intellectual Property Organization (WIPO) Global Innovation Index 2023 report, Switzerland is a leader in technologies such as artificial intelligence and blockchain. The report further highlights Switzerland’s role in hosting a growing number of fintech startups and research institutions that are developing innovative new products and services in these areas.